NPORT-EX 2 GB05TETONConvertSecFd.htm HTML

TETON Convertible Securities Fund

Schedule of Investments — December 31, 2020 (Unaudited)

 

 

Principal
Amount

          

Market
Value

  
  

CONVERTIBLE CORPORATE BONDS — 79.3%

 

  

Aerospace and Defense — 0.6%

   
$ 250,000     

Aerojet Rocketdyne Holdings Inc.,
2.250%, 12/15/23

    $        508,249  
     

 

 

  
  

Airlines — 1.2%

   
  720,000     

Southwest Airlines Co.,
1.250%, 05/01/25

      1,049,400  
     

 

 

  
  

Aviation: Parts and Services — 0.4%

   
  300,000     

Kaman Corp.,
3.250%, 05/01/24

      348,524  
     

 

 

  
  

Business Services — 3.9%

   
  480,000     

2U Inc.,
2.250%, 05/01/25(a)

      776,793  
  125,000     

Bill.com Holdings Inc.,
Zero Coupon, 12/01/25(a)

      143,428  
  1,100,000     

Perficient Inc.,
1.250%, 08/01/25(a)

      1,261,154  
  65,000     

Shift4 Payments Inc.,
Zero Coupon, 12/15/25(a)

      79,643  
  

Square Inc.,

   
  250,000     

0.125%, 03/01/25(a)

      471,735  
  500,000     

0.250%, 11/01/27(a)

      556,572  
     

 

 

  
        3,289,325  
     

 

 

  
  

Cable and Satellite — 2.0%

   
  

DISH Network Corp.,

   
  750,000     

Zero Coupon, 12/15/25(a)

      757,297  
  950,000     

3.375%, 08/15/26

      907,945  
     

 

 

  
        1,665,242  
     

 

 

  
  

Communications Equipment — 0.7%

   
  500,000     

Lumentum Holdings Inc.,
0.500%, 12/15/26

      612,200  
     

 

 

  
  

Computer Software and Services — 27.9%

 

  500,000     

Bandwidth Inc.,
0.250%, 03/01/26(a)

      888,920  
  500,000     

Blackline Inc.,
0.125%, 08/01/24

      941,333  
  730,000     

Cardlytics Inc.,
1.000%, 09/15/25(a)

      1,337,159  
  245,000     

Cloudflare Inc.,
0.750%, 05/15/25(a)

      524,011  
  

Coupa Software Inc.,

   
  140,000     

0.125%, 06/15/25

      306,073  
  465,000     

0.375%, 06/15/26(a)

      627,642  
  1,000,000     

CSG Systems International Inc.,
4.250%, 03/15/36(a)

      1,057,500  
  370,000     

Datadog Inc.,
0.125%, 06/15/25(a)

      486,356  
  960,000     

Everbridge Inc.,
0.125%, 12/15/24

      1,430,031  
  1,250,000     

i3 Verticals LLC,
1.000%, 02/15/25(a)

      1,298,101  
  750,000     

Limelight Networks Inc.,
3.500%, 08/01/25(a)

      681,600  
  690,000     

LivePerson Inc.,
0.750%, 03/01/24

      1,220,961  
  750,000     

Match Group Financeco 3 Inc.,
2.000%, 01/15/30(a)

      1,454,375  
  180,000     

Medallia Inc.,
0.125%, 09/15/25(a)

      200,603  

Principal
Amount

          

Market
Value

  
$ 400,000     

MercadoLibre Inc.,
2.000%, 08/15/28

    $     1,517,404  
  205,000     

Nice Systems Inc.,
1.250%, 01/15/24

      698,312  
  1,250,000     

PAR Technology Corp.,
2.875%, 04/15/26(a)

      2,056,018  
  

PROS Holdings Inc.,

   
  250,000     

1.000%, 05/15/24

      268,540  
  465,000     

2.250%, 09/15/27(a)

      658,179  
  750,000     

Q2 Holdings Inc.,
0.750%, 06/01/26

      1,152,482  
  800,000     

RealPage Inc.,
1.500%, 05/15/25

      1,032,842  
  

Splunk Inc.,

   
  400,000     

1.125%, 09/15/25

      542,589  
  245,000     

1.125%, 06/15/27(a)

      255,867  
  365,000     

Varonis Systems Inc.,
1.250%, 08/15/25(a)

      677,677  
  800,000     

Vocera Communications Inc.,
1.500%, 05/15/23

      1,129,563  
  1,000,000     

Workiva Inc.,
1.125%, 08/15/26

      1,346,764  
     

 

 

  
        23,790,902  
     

 

 

  
  

Consumer Products — 2.8%

   
  365,000     

Farfetch Ltd.,
3.750%, 05/01/27(a)

      1,485,554  
  250,000     

GoPro Inc.,
1.250%, 11/15/25(a)

      284,741  
  365,000     

National Vision Holdings Inc.,
2.500%, 05/15/25(a)

      589,475  
     

 

 

  
        2,359,770  
     

 

 

  
  

Consumer Services — 5.3%

   
  360,000     

Callaway Golf Co.,
2.750%, 05/01/26(a)

      574,282  
  490,000     

Chegg Inc.,
Zero Coupon, 09/01/26(a)

      550,376  
  65,000     

Fiverr International Ltd.,
Zero Coupon, 11/01/25(a)

      78,773  
  550,000     

NCL Corp. Ltd.,
5.375%, 08/01/25(a)

      933,443  
  

Royal Caribbean Cruises Ltd.,

   
  155,000     

4.250%, 06/15/23(a)

      206,808  
  250,000     

2.875%, 11/15/23(a)

      300,000  
  245,000     

Shopify Inc.,
0.125%, 11/01/25

      289,713  
  600,000     

Stride Inc.,
1.125%, 09/01/27(a)

      489,867  
  405,000     

TechTarget Inc.,
0.125%, 12/15/25(a)

      441,388  
  710,000     

Wayfair Inc.,
0.625%, 10/01/25(a)

      673,529  
     

 

 

  
        4,538,179  
     

 

 

  
  

Diversified Industrial — 1.6%

   
  600,000     

Chart Industries Inc.,
1.000%, 11/15/24(a)

      1,259,890  
  60,000     

Sea Ltd.,
2.375%, 12/01/25(a)

      138,622  
     

 

 

  
        1,398,512  
     

 

 

  
 

 

1

TETON Convertible Securities Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

 

 

Principal
Amount

          

Market
Value

  
  

CONVERTIBLE CORPORATE BONDS (Continued)

 

  

Energy and Utilities: Integrated — 1.1%

 

$ 485,000     

Bloom Energy Corp.,
2.500%, 08/15/25(a)

    $        930,858  
     

 

 

  
  

Energy and Utilities: Services — 0.7%

   
  800,000     

Cheniere Energy Inc.,
4.250%, 03/15/45

      633,017  
     

 

 

  
  

Financial Services — 3.4%

   
  300,000     

Chimera Investment Corp.,
7.000%, 04/01/23

      460,687  
  385,000     

Colony Capital Operating Co. LLC,
5.750%, 07/15/25

      865,737  
  500,000     

Encore Capital Europe Finance Ltd.,
4.500%, 09/01/23

      566,213  
  

LendingTree Inc.,

   
  199,000     

0.625%, 06/01/22

      282,124  
  710,000     

0.500%, 07/15/25(a)

      692,341  
     

 

 

  
        2,867,102  
     

 

 

  
  

Health Care — 14.2%

   
  605,000     

1Life Healthcare Inc.,
3.000%, 06/15/25(a)

      761,649  
  255,000     

Coherus Biosciences Inc.,
1.500%, 04/15/26(a)

      296,236  
  500,000     

Collegium Pharmaceutical Inc.,
2.625%, 02/15/26

      497,125  
  350,000     

CONMED Corp.,
2.625%, 02/01/24

      491,004  
  

DexCom Inc.,

   
  495,000     

0.750%, 12/01/23

      1,126,678  
  185,000     

0.250%, 11/15/25(a)

      186,961  
  500,000     

Esperion Therapeutics Inc.,
4.000%, 11/15/25(a)

      493,394  
  900,000     

Exact Sciences Corp.,
0.375%, 03/15/27

      1,249,960  
  1,000,000     

Insulet Corp.,
0.375%, 09/01/26

      1,323,249  
  400,000     

Invacare Corp.,
4.500%, 06/01/22

      383,560  
  365,000     

Livongo Health Inc.,
0.875%, 06/01/25(a)

      664,575  
  337,000     

Neurocrine Biosciences Inc.,
2.250%, 05/15/24

      468,354  
  125,000     

Novocure Ltd.,
Zero Coupon, 11/01/25(a)

      160,667  
  500,000     

Pacira BioSciences Inc.,
2.375%, 04/01/22

      574,687  
  400,000     

Paratek Pharmaceuticals Inc.,
4.750%, 05/01/24

      348,219  
  490,000     

PetIQ Inc.,
4.000%, 06/01/26(a)

      746,277  
  708,000     

Supernus Pharmaceuticals Inc.,
0.625%, 04/01/23

      674,965  
  770,000     

Tabula Rasa HealthCare Inc.,
1.750%, 02/15/26(a)

      735,504  
  505,000     

Teladoc Health Inc.,
1.250%, 06/01/27(a)

      607,366  
  350,000     

Travere Therapeutics Inc.,
2.500%, 09/15/25

      356,580  
     

 

 

  
        12,147,010  
     

 

 

  

Principal
Amount

          

Market
Value

  
  

Real Estate Investment Trusts — 0.2%

   
$ 125,000     

Pebblebrook Hotel Trust,
1.750%, 12/15/26

    $        133,535  
  65,000     

Redfin Corp.,
Zero Coupon, 10/15/25(a)

      78,010  
     

 

 

  
        211,545  
     

 

 

  
  

Security Software — 5.0%

   
  555,000     

CyberArk Software Ltd.,
Zero Coupon, 11/15/24

      676,064  
  680,000     

Nice Ltd.,
Zero Coupon, 09/15/25(a)

      776,639  
  500,000     

Okta Inc.,
0.375%, 06/15/26(a)

      643,387  
  1,000,000     

Proofpoint Inc.,
0.250%, 08/15/24

      1,124,641  
  675,000     

Zscaler Inc.,
0.125%, 07/01/25(a)

      1,006,775  
     

 

 

  
        4,227,506  
     

 

 

  
  

Semiconductors — 2.0%

   
  500,000     

Impinj Inc.,
2.000%, 12/15/26(a)

      687,382  
  900,000     

Knowles Corp.,
3.250%, 11/01/21

      1,027,667  
     

 

 

  
        1,715,049  
     

 

 

  
  

Telecommunications — 4.8%

   
  500,000     

Harmonic Inc.,
2.000%, 09/01/24

      544,997  
  1,000,000     

Infinera Corp.,
2.500%, 03/01/27(a)

      1,542,845  
  615,000     

PagerDuty Inc.,
1.250%, 07/01/25(a)

      786,745  
  250,000     

Twilio Inc.,
0.250%, 06/01/23

      1,194,480  
     

 

 

  
        4,069,067  
     

 

 

  
  

Transportation — 1.5%

   
  500,000     

Atlas Air Worldwide Holdings Inc.,
1.875%, 06/01/24

      569,771  
  390,000     

GOL Equity Finance SA,
3.750%, 07/15/24(a)

      340,312  
  255,000     

Seaspan Corp.,
3.750%, 12/15/25(a)

      274,884  
  125,000     

Uber Technologies Inc.,
Zero Coupon, 12/15/25(a)

      128,505  
     

 

 

  
        1,313,472  
     

 

 

  
  

TOTAL CONVERTIBLE CORPORATE BONDS

      67,674,929  
     

 

 

  

Shares

              
  

CONVERTIBLE PREFERRED STOCKS — 2.5%

 

  

Financial Services — 1.3%

 

  600     

Bank of America Corp., 7.250%, Ser. L

      911,148  
  117     

Wells Fargo & Co., 7.500%, Ser. L

      177,594  
     

 

 

  
        1,088,742  
     

 

 

  
  

Real Estate Investment Trusts — 1.2%

   
  7,500     

QTS Realty Trust Inc., 6.500%, Ser. B

      1,064,250  
     

 

 

  
  

TOTAL CONVERTIBLE PREFERRED STOCKS

      2,152,992  
     

 

 

  
 

 

2

TETON Convertible Securities Fund

Schedule of Investments (Continued) — December 31, 2020 (Unaudited)

 

 

Shares

          

Market
Value

  
  

MANDATORY CONVERTIBLE SECURITIES (b) — 14.2%

   
  

Automotive: Parts and Accessories — 2.0%

   
  10,875     

Aptiv plc, Ser. A
5.500%, 06/15/23

    $     1,678,013  
     

 

 

  
  

Diversified Industrial — 1.3%

   
  4,000     

Colfax Corp.,
5.750%, 01/15/22

      646,160  
  4,150     

Stanley Black & Decker Inc.,
5.250%, 11/15/22

      464,136  
     

 

 

  
        1,110,296  
     

 

 

  
  

Energy and Utilities: Integrated — 3.7%

   
  21,384     

DTE Energy Co.,
6.250%, 11/01/22

      1,029,426  
  

NextEra Energy Inc.,

   
  14,000     

4.872%, 09/01/22

      828,800  
  9,645     

6.219%, 09/01/23

      495,464  
  9,200     

5.279%, 03/01/23

      467,728  
  3,535     

Sempra Energy, Ser. A,
6.000%, 01/15/21

      352,652  
     

 

 

  
        3,174,070  
     

 

 

  
  

Energy and Utilities: Services — 0.8%

   
  13,552     

American Electric Power Co. Inc.,
6.125%, 03/15/22

      678,955  
     

 

 

  
  

Energy and Utilities: Water — 0.4%

   
  5,720     

Essential Utilities Inc.,
6.000%, 04/30/22

      354,754  
     

 

 

  
  

Equipment and Supplies — 0.9%

   
  500     

Danaher Corp., Ser. A
4.750%, 04/15/22

      758,820  
     

 

 

  
  

Financial Services — 2.3%

   
  980     

2020 Cash Mandatory Exchangeable Trust,
5.250%, 06/01/23 (a)(c)

      1,177,147  
  250     

2020 Mandatory Exchangeable Trust, 6.500%,
05/16/23 (a)(c)

      503,759  
  6,000     

New York Community Capital Trust V,
6.000%, 11/01/51

      275,100  
     

 

 

  
        1,956,006  
     

 

 

  
  

Health Care — 1.1%

   
  5,730     

Avantor Inc., Ser. A
6.250%, 05/15/22

      509,454  
  9,795     

Elanco Animal Health Inc.,
5.000%, 02/01/23

      478,388  
     

 

 

  
        987,842  
     

 

 

  
  

Semiconductors — 1.7%

   
  1,005     

Broadcom Inc., Ser. A
8.000%, 09/30/22

      1,429,582  
     

 

 

  
  

TOTAL MANDATORY CONVERTIBLE SECURITIES

      12,128,338  
     

 

 

  

Shares

          

Market
Value

  
  

COMMON STOCKS — 0.0%

   
  

Energy and Utilities: Services — 0.0%

   
  509,000     

Bristow Group Inc., Escrow†

    $ 0  
     

 

 

  

Principal
Amount

              
  

U.S. GOVERNMENT OBLIGATIONS — 4.0%

 

  

U.S. Cash Management Bill — 0.9%

   
$ 725,000     

0.055%††, 02/16/21

      724,948  
     

 

 

  
  

U.S. Treasury Bills — 3.1%

   
  2,675,000     

0.064% to 0.090%†††, 01/07/21 to 03/25/21

      2,674,746  
     

 

 

  
  

TOTAL U.S. GOVERNMENT OBLIGATIONS

      3,399,694  
     

 

 

  
  

TOTAL INVESTMENTS — 100.0%

(Cost $64,272,356)

    $   85,355,953  
     

 

 

  

 

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

 

(b)

Mandatory convertible securities are required to be converted on the dates listed; they generally may be converted prior to these dates at the option of the holder.

 

(c)

At December 31, 2020, the Fund held investments in restricted and illiquid securities amounting to $1,680,906 or 1.96% of net assets., which were valued under methods approved by the Board of Trustees as follows:

 

Acquistion
Shares

   

Issuer

   

Acquistion
Dates

   

Acquistion
Cost

     

09/30/20
Carrying
Value

Per Share

  
980   

2020 Cash Mandatory
Exchangeable Trust.,
5.250%, 06/01/23

    06/24/20 -

09/30/20

    $ 1,022,450      $ 1,201.1704  
250   

2020 Mandatory
Exchangeable Trust.,
6.500%, 05/16/23

    05/05/20    $ 252,187      $ 2,015.0360  

 

†

Non-income producing security.

 

††

Represents annualized yield at date of purchase.

 

†††

Represents annualized yields at dates of purchase.

 

 

3